GE to eliminate 600 finance jobs in France
26 Jul 2013
US multinational conglomerate General Electric (GE) will eliminate 600 jobs in various units in France but a large chunk of it coming from its consumer finance arms, French newspaper Les Echos today reported.
GE, which employs 1,000 people in France, will cut 600 jobs during the first half of next year through a restructuring plan launched in recent months, said the paper.
Around 400 jobs will be axed from its finance units, but most affected will be GE Money, which will see 220 jobs being lost.
The restructuring will also see the Connecticut-based giant closing 17 out of 27 GE Money branches in France, according to a union official.
GE Money, the commercial brand of GE capital, also known as GE Global Banking, provides personal finance to over 130 million people worldwide.
Established in the 1930s, its financial products and services include credit cards, private label cards, personal loans, mortgage loans, auto loans and leases, as well as corporate travel and purchasing cards and credit insurance.